"100% of the shares subject to the Event Bonus Option will vest, and Executive's interim position will be converted to standing President/CEO, upon the effective date of any one of the following events: (i) the successful closing of a merger or acquisition brought forth primarily due to the efforts of Executive (excluding any merger or acquisition with TPL or any affiliated company) as approved by the Board of Directors; (ii) the listing of the Company on the Amex or NASDAQ stock exchanges as approved by the Board of Directors; (iii) a "sustained substantial increase in shareholder value" (as defined below) directly resulting from an Executive action approved by the Board of Directors; or (iv) approval by the Board of Directors for the partial vesting of the Event Bonus Option. For purposes of this section, a "sustained substantial increase in shareholder value" shall be defined as follows: "an sustained increase in Patriot's Market Capitalization to over $400 million for a period of no less than 90 days. "

As you can see, there are several possibilities, when the 2mio shares will vest - the Market Cap of over $400 million ist just ONE of four possible options and is not necessary for the vesting of the shares.

RG accomplished point 1 (successful closing of an acquisition), didn't pursue point 2 (listing on Amex/Nasdaq, failed in point 3 (increase in shareholder value) - and point 4 is up to the BoD.

If one sees the merger with Crossflo as the fulfilled condition of point 1, RG could be allowed to vest the 2mio shares.

GLTY